Loop Mobile introduces M WALLET facilitating money transfer through SMS to any mobile user in India
· Pay utility bills as Electricity bill, Gas Bill, Phone Bill, Life Insurance Premium, DTH
· All prepaid top up recharges of any operator
· Bill payments of Loop Mobile & any other operator
· The service is powered by Zipcash
Mumbai, April 03, 2012 : Loop Mobile launched 1st time in Mumbai, Mobile Money facility about 6 months back giving subscribers the opportunity to use mobile phones to pay for various services. This enabled subscribers to use their mobile phone as a virtual wallet for mobile & utility services such as electricity bill payments, prepaid recharges, digital TV recharge, online shopping, buying movie tickets and more.
Today as a result of subscriber response, Loop Mobile has taken a step further by introducing person to person transfer of money via an SMS. The service is in collaboration with ZipCash. Named as ‘M WALLET’ service, subscribers have access to make social payments to their friends and family by sending a simple text communication.
Commenting on the launch of another path-breaking value added service, Mr. Surya Mahadevan, Chief Operating Officer, Loop Mobile (India) Limited said, “We envisage M WALLET playing a crucial role in transferring money via mobile phone. We hope as the ecosystem develops, M WALLET will give birth to a new means of convenient & social or utility payments. The 1st variant of this product was test marketed last year amongst our users only and based on their feedback we are launching M WALLET now. Apart from serving as an easy alternative to cash/card payment options, we offer the convenience of instant money transfer to any mobile subscriber in the country. We feel this product will evolve as a lifestyle product enabling and engaging the urban subscriber with shopping, dining etc.”
Vivek Saxena, Founder & CEO, ZipCash says, ‘We are excited to launch the Peer2Peer service in India. Mobile lends itself very well to this category and we it to explode in the coming months as Mobile Money starts replacing the cash in your wallet”.
USP of the product:
· Unlike other existing services, Loop Mobile M WALLET can be used to send money to ANY mobile number, of ANY operator across India.
· M WALLET is free to transfer money unlike other mobile operators.
· M WALLET works for Prepaid top-ups of ANY operator, and Bill pay of ANY operator.
· Has online merchants integrated with Zipcash
To get started on the M Wallet experience, consumers need to follow three easy steps:
· Step 1: Send “Money” to 51888 (tollfree) to create your free M-Wallet
· Step 2: Load Cash in your M-Wallet
· Step 3: Start using M-Wallet for various service payments
· To upgrade & transfer money: Complete KYC (Know your Customer) & use it
ZipCash is a company focusing in the area of micro-payments, enabling consumers to transact online and offline without a credit/ debit card in a safe, secure and convenient manner. ZipCash was the first company to launch the prepaid model for mobile payments in India, with the objective to empower and enable any customer with a basic mobile handset to be a part of the digital revolution.
